The intersection of culture and commerce within the art market has consistently captivated economists and art enthusiasts alike. A recent article presents an in-depth bibliometric analysis that spans five decades, scrutinising art pricing mechanisms and market efficiency metrics. It also sheds light on the pivotal role played by the COVID-19 pandemic in hastening digital transformations within the market. This analysis is instrumental in furnishing future research with a solid framework for dissecting the intricate relationship between art, economics, and culture.
The art market has been evolving for centuries, with the most notable changes occurring in recent years. Researchers have explored various dimensions, including art pricing, artist branding, the impact of digital platforms, and regulatory frameworks. Despite the breadth of research conducted, there remain significant gaps in understanding the full extent of market efficiency and the dynamic shifts brought about by technological advancements and global events. These gaps underscore the urgent need for comprehensive studies that delve into these areas, particularly considering the recent changes in market behaviours and regulatory environments. The urgency of these studies is paramount, as they can bring significant benefits to our understanding of the art market.
In a thorough review published in Data Science and Management on April 13, 2024, researchers from the Academy of Mathematics and Systems Science at the Chinese Academy of Sciences have conducted a comprehensive bibliometric analysis covering the last fifty years of the art market. The study employs big data and various analytical techniques to outline vital trends, influential works, and emerging themes within the sector.
The researchers analysed a substantial dataset from the Web of Science Core Collection, which included 912 pieces of literature on the art market from 1972 to 2021. The study delineated prominent trends and shifts in research focus by utilising descriptive statistical analysis and various bibliometric methods, such as co-citation and co-word analysis. Notably, there was a steady annual increase in research interest in the art market, with significant pivots from traditional topics like hedonic art prices to more contemporary issues such as artist brand management, digital art platforms, and anti-money laundering measures. The pandemic’s role in accelerating digital market transformations was particularly emphasised. The study identified five primary research clusters, including anonymous painting and artistic brands, hedonic art price indices, digital art platforms, anti-money laundering regulation, and market efficiency, each representing key focal points within the field.
Dr Yunjie Wei, a leading author from the Academy of Mathematics and Systems Science, commented, “Our findings highlight the shifting priorities within art market research, especially the increasing relevance of digital platforms and regulatory frameworks. This exhaustive analysis charts historical trends and pinpoints crucial areas for future investigation, providing invaluable insights for scholars and practitioners.”
These findings have profound implications for academic research and practical application within the art market. The study pinpoints key trends and emerging focus areas, offering critical insights for stakeholders, including art dealers, auction houses, and regulatory bodies. These insights are crucial for navigating the complexities associated with digital transformation and regulatory compliance. The research underscores the need for continuous monitoring and analysis to stay abreast of the rapidly evolving art market landscape, ensuring stakeholders are well-informed and responsive to new trends and regulations.
More information: Mingjun Guo et al, analysis of the art market: from art price to market efficiency, Data Science and Management. DOI: 10.1016/j.dsm.2024.03.006
Journal information: Data Science and Management Provided by KeAi Communications Co. Ltd.